Trudeau Is Going To Bury Us In Debt


Hoid
#571
I'm laughing because you are talking about spending that has nothing to do with the pandemic.
 
Most helpful post: The members here have rated this post as best reply.
Hoid
#572
Almost a quarter of a million Canadians sign up on day one for the CERB 2.0

Up to $500 a week for 26 weeks.

You would think that O'Toole and the gang would be on the phone to each and every one of these people explaining why they were not entitled to it.
 
JLM
No Party Affiliation
+2
#573
Quote: Originally Posted by Hoid View Post

Almost a quarter of a million Canadians sign up on day one for the CERB 2.0

Up to $500 a week for 26 weeks.

You would think that O'Toole and the gang would be on the phone to each and every one of these people explaining why they were not entitled to it.


Some of them are and some of them aren't! A smart person would identify three or four thousand jobs in each province that need doing & put them on a list according to need and other criteria. Then you put the word that there are jobs paying $500/week for those who want them and interview willing participants for qualifications. You make it clear if they quit or get fired they are exempt from future programs. Where there is sufficient number of jobs for all the unemployed you then cancel the welfare programs, except for the disabled and elderly.
 
bob the dog
#574
Quote: Originally Posted by Hoid View Post

wow. They parlay $250,000 a day into a million a day?
That is some kind of magic there.
In 2018 you had to earn about $737,000 a year to be considered in the top 1%
I'm sure its closer to a million now.
That's what makes your anger towards government so hilarious.
They are nowhere near the top 1%

However, unlike the US banks, where they must maintain a liquidity reserve requirement of 10%, Canadian banks have a 0% reserve requirement, thus affording them the ability to create a virtually unlimited amount of money “out of thin air” (see: “ Fractional Reserve Banking System “).
 
bob the dog
#575
This February Putin crowed in his state of the nation speech that Russia’s cash reserves had grown so big the country can now cover its external debt dollar-for-dollar with cash as Russia’s gross international reserves (GIR) overtook the external debt for the first time ever.

Total Russian debt estimated at $248 billion (13% of GDP), Canadian debt estimated at 1.2 trillion (88% of GDP). Average tax in Russia 13%, average tax in Canada 34%.

Would we be better off living in Russia?
 
B00Mer
Republican
+1
#576
No Biden is going to bury us..

Our economy is attached to the USA, like the rest of the world.

When Biden sinks the USA into a Great Depression, then we will be fukked
 
JLM
No Party Affiliation
+1
#577
Quote: Originally Posted by Hoid View Post

Almost a quarter of a million Canadians sign up on day one for the CERB 2.0

Up to $500 a week for 26 weeks.

You would think that O'Toole and the gang would be on the phone to each and every one of these people explaining why they were not entitled to it.


Who said they were not entitled to it?
 
JamesBondo
+2
#578
Quote: Originally Posted by Hoid View Post

Almost a quarter of a million Canadians sign up on day one for the CERB 2.0
Up to $500 a week for 26 weeks.
You would think that O'Toole and the gang would be on the phone to each and every one of these people explaining why they were not entitled to it.

We still don't know how many recipients will be forced to return money come tax time in the spring of 2021. Trudeau wants to the budget to balance itself.
 
Twin_Moose
Conservative
+1
#579
Whew Libs. listening to Canadians and looks to be dropping the Green initiative for now

Coronavirus: As Canadians huddled at home, feds found meagre support for green recovery plan

Quote:

But the polling also told the Trudeau government two other things: there appeared to be little appetite for an economic recovery plan that placed a high priority on quickly transforming to a carbon-neutral economy;......More

 
Hoid
#580
Quote: Originally Posted by bob the dog View Post

This February Putin crowed in his state of the nation speech that Russia’s cash reserves had grown so big the country can now cover its external debt dollar-for-dollar with cash as Russia’s gross international reserves (GIR) overtook the external debt for the first time ever.

Total Russian debt estimated at $248 billion (13% of GDP), Canadian debt estimated at 1.2 trillion (88% of GDP). Average tax in Russia 13%, average tax in Canada 34%.

Would we be better off living in Russia?

you would be. I encourage you to give it a whirl.
 
captain morgan
No Party Affiliation
+2
#581
Quote: Originally Posted by Hoid View Post

you would be. I encourage you to give it a whirl.


Let me know when you get your Tesla
 
Twin_Moose
Conservative
+2
#582
Government spending is becoming a problem and printing money is a dangerous solution

Quote:

People around the globe are rightly concerned about the health risks from the second wave of COVID-19, but there is a growing economic risk that we believe many are choosing to ignore — in large part for political reasons.

Government spending is ballooning in many countries, and while some of that has to do with combatting the pandemic, in other cases political agendas are coming into play as well, hijacking the relief process.

That appears to be the case here in Canada, where the Liberal minority government — backstopped by the NDP — is looking to implement massive, costly programs including a national daycare system, pharmacare, affordable housing and green initiatives.

Unfortunately, we have few details of the ultimate costs of these programs, as the Canadian Federal government has now gone 316 days without an actual budget, setting a new all-time record.

Nevertheless, it is clear that spending has skyrocketed. When the provinces are factored in, Canadian budget deficits are expected to end the year at about 20 per cent of GDP, which will be the fourth-highest level in the world, according to a recent IMF report cited by Bloomberg.

While the NDP has been lobbying for a wealth tax, so far there have been few indications of tax hikes from the Liberal government.

For those wondering how these fiscal spending plans will be paid for, one has to look no further than the Bank of Canada, which has been printing record-setting amounts of money to purchase government debt.

In total, so far this year our central bank has expanded its balance sheet at 2.5 times the pace of the Federal Reserve.

It is expected that the Bank of Canada will end up controlling more than 56 per cent of our total government bond market by end of 2021, up from 29 per cent today, according to estimates from Ian Pollick , head of fixed income, currency and commodity research at Canadian Imperial Bank of Commerce, as cited by Bloomberg. If you think about that, it sounds an awful lot like Modern Monetary Theory (MMT) is now being tested in this country.

The problem looking forward is twofold — our economy is now a net importer and we are not the world’s reserve currency.

The National Post’s Jesse Snyder wrote an excellent piece recently about how the Canadian economy has been transformed in the past decade moving from a healthy three to five per cent trade surplus to an annual average deficit of negative two to three per cent. Over the same period, Canadian investments in assets abroad surpassed foreign direct investments by $804 billion.

This is when it’s important to remember that our country’s GDP is less than two per cent of the world’s output, compared to the American economy at 24.4 per cent. Given our much smaller status, one has to ponder the risk to our currency and our economy should we continue down the path we’re going.

Even Trudeau’s former top adviser, Gerald Butts, appears to have his doubts about MMT, recently posted the following on twitter: “I read The Deficit Myth this week. I dunno guys. I see why you want to believe in MMT, but it feels like snake oil to me. Things that sound too good to be true almost always are.”

For Canadian investors, the current situation is definitely worth keeping a very close eye on and in our opinion represents a significant long-term risk. The good news is one can implement some hedging by ensuring you have foreign holdings in their respective currencies as part of your portfolio.

Now is not the time to be experimenting with snake oil, either in the economy or in one’s investment accounts.

Pretty good article
 
bob the dog
#583
The good news is one can implement some hedging by ensuring you have foreign holdings in their respective currencies as part of your portfolio.

I agree that it's time we realized the credit cards are maxed out. See Venezuela.

The sad part is it is very difficult to hedge with foreign holdings because the banks do not encourage it and charge exorbitant rates if they do offer the service. Strangely USA is not considered a foreign holding to Canadian banks.
 
Decapoda
+1
#584
Quote: Originally Posted by bob the dog View Post

The good news is one can implement some hedging by ensuring you have foreign holdings in their respective currencies as part of your portfolio.

I agree that it's time we realized the credit cards are maxed out. See Venezuela.

The sad part is it is very difficult to hedge with foreign holdings because the banks do not encourage it and charge exorbitant rates if they do offer the service. Strangely USA is not considered a foreign holding to Canadian banks.


Premiums are still pretty decent on physical gold.
 
Mowich
Conservative
+1
#585
Quote: Originally Posted by JLM View Post

Some of them are and some of them aren't! A smart person would identify three or four thousand jobs in each province that need doing & put them on a list according to need and other criteria. Then you put the word that there are jobs paying $500/week for those who want them and interview willing participants for qualifications. You make it clear if they quit or get fired they are exempt from future programs. Where there is sufficient number of jobs for all the unemployed you then cancel the welfare programs, except for the disabled and elderly.

Agreed, JLM. There are far too many of the unemployed who are quite happy to sit on the government dole when businesses are desperately in need of employees. There appears to be no oversight whatsoever into who does and who does not, or should not qualify for government funding.
 
Hoid
#586
The NDP want to know when the government will help students.

The government has committed over $9 billion in student support.


The conservatives want to know when the government will help the poor suffering airline industry.

The government has already spend $1.1 billion in wage subsidy for the airline industry.

The Bloc wants to know when the government will help out the aerospace industry - which i believe is french for "bombardier""

I'm not even going to give a figure on that one.

And here in our tiny corner of the web everyone wants to know when Trudeau is going to stop running up the debt.
 
Decapoda
#587
Quote: Originally Posted by Hoid View Post


And here in our tiny corner of the web everyone wants to know when Trudeau is going to stop running up the debt.


Those of us who look outside of our "tiny corner of the web" know that you don't actually have a clue beyond you're own hyperbole.

And it's a legitimate question...since it's now been conclusively determined by all with a functioning brain that the budget is not actually going to balance itself, and "debt to GDP" was an obvious shell game intended to justify abhorrent Liberal spending.
 
Hoid
#588
Therefore every opposition party demanding more spending doesn't count.

It's still all about Trudeau.
 
bob the dog
#589
$173 M for research into greenhouse gas emission reduction is another waste. They already know what to do but just haven't bothered to do it. Money is like water to JT.